The United Nations Global Compact is the most notable initiative for responsible and sustainable corporate management.
Early last week, Nexen Tire announced that it joined the voluntary international agreement to align its corporate social responsibility to UN Global Compact’s principles and achieve sustainable development.
More than 20,000 organizations in 162 countries have joined UNGC globally. The latter has ten principles covering corporate responsibility regarding the environment, anti-corruption, human rights, and labor.
Nexen has committed to play a part in advancing the Sustainable Development Goals (SDGs) and issue reports every year through the annual Communication on Progress (CoP).
The company also plans to establish a sustainability management committee to promote sustainability strategic tasks as well as improvement tasks by dealing with human rights risks through an impact assessment.
Nexen Tire recently also received the EcoVadis Silver medal for the second time. It was rated ‘low risk’ by Sustainalytics and moved from the ‘B’ to ‘BB’ rating by MSCI ESG.